Auction bidding method

ABSTRACT

Systems and methods for a computer-implemented auction bidding process that assigns a winning bid quantity and a winning bid amount to each bid in an ordered list of bids by a single resolution of the ordered bid list based on the maximum amount the bidder is willing to pay for the offered item(s). The bid list is ordered by one or more criteria, including the maximum amount to which the submitted bid may be increased via an autobid feature, and resolution of the bid list considers these criteria in assigning bid quantities and bid amounts to each bid.

TECHNICAL FIELD OF THE INVENTION

The present invention relates to an auction bidding method, and moreparticularly, but not exclusively, to a method of resolving an orderedlist of bids in a single step, and in a manner which allocates arequested or available quantity of offered goods or services based onthe maximum amount the bidder is willing to pay for the offered goods orservices.

BACKGROUND OF THE INVENTION

With the advent of the Internet and electronic commerce, auction biddingmethods and processes of resolving incoming bids to allocate availableresources to the highest bidder have become varied and well known. Theproliferation of computer-implemented auctions permits large numbers ofindividuals to participate in an auction process without gatheringtogether at one physical location, or at any one particular time.

In addition, the computer-implementation of an auction allowsindividuals to continue to participate in the bidding process withoutthe necessity of taking any action themselves. For example, anindividual bidder may submit an initial bid for a particular offeredgood or service which may be less than the amount the bidder is actuallywilling to pay for the offered item. The bidder may at the same timeactivate an automatic bidding option, and indicate a maximum amount thebidder is willing to pay in the event that competing bids drive up theprice of the offered item. By implementing an automatic bidding processsuch as this, the bidder need not continuously monitor the auction todetermine when a higher bid must be submitted in order to stay in frontof the competition.

Typical auction bidding methods accept each incoming bid, compare thebid against previously submitted bids, and assign a quantity of offeredgoods or services to the winning bids until the available quantities areexhausted. In the case in which the bidder's initial offer is lower thanthe maximum amount he or she is willing to pay for the offered item(s),an auto-bidding system is often implemented as described above. Theauto-bidding feature is activated for each losing bid, adjusting the bidamount to an amount higher than the lowest winning bid (within theauto-bid's maximum which the bidder is willing to pay), and thenre-resolving the bid list to again allocate the available quantitiesamong the “new” list of winning bids. As this process is repeated foreach successive losing bid in the bid list, the list may, depending onthe number of bids, be resolved hundreds or thousands of times just todetermine the actual winning bids based on the current list. When a newbid is then submitted, the process must repeat itself entirely,occupying valuable system resources.

SUMMARY OF THE ILLUSTRATED EMBODIMENTS

An aspect of the illustrated embodiments is to address theaforementioned problems and provide a method of resolving an orderedlist of bids in a single step based on the maximum amount each bidder iswilling to pay for the offered items, thereby resolving the bid list ina manner which more efficiently determines the winning bids andallocates the available quantities to the winning bid or bids.

The presently disclosed method implements a process by which a singleresolution of the bid list assigns a bid quantity and a bid amount toeach bid based on the maximum amount each bidder is willing to pay forthe offered goods or services. The single resolution of the bid listconsiders the status of an automatic bidding feature in the auctionprocess that an individual user may select, and which will allow theuser's bid to be automatically increased to a specified amount. Thisprocess has the advantage of bypassing the sequential bid increasescaused by the typical automatic bidding feature, by evaluating the bidsbased, in the first instance, on the bidder's maximum bid amount.

Other features of the present invention will be apparent to the readerfrom the foregoing and the appended claims, and as the ensuing detaileddescription and discussion is read in conjunction with the accompanyingdrawings.

BRIEF DESCRIPTION OF THE VARIOUS VIEWS OF THE DRAWINGS

In the drawings, like reference numerals refer to like parts throughoutthe various views of the non-limiting and non-exhaustive embodiments ofthe present invention, and wherein:

FIG. 1 is a flow diagram illustrating the high level sequentialimplementation of a bidding process;

FIG. 2 is a flow diagram illustrating the sequential implementation of aprocess of validating a bid against an offer (“bid validation”), asshown in FIG. 1;

FIG. 3 is a flow diagram illustrating the sequential implementation of aprocess of validating the bid against a bidder's prior bid (“bidtimestamping”), as shown in FIG. 1;

FIG. 4 is a flow diagram illustrating the high level sequentialimplementation of a process of resolving a bid list, as shown in FIG. 1;

FIG. 5 is a flow diagram illustrating the sequential implementation of aprocess of assigning a quantity to each bid in the bid list, as shown inFIG. 4; and

FIG. 6 is a flow diagram illustrating the sequential implementation of aprocess of assigning an amount to each bid in the bid list, as shown inFIG. 4.

DETAILED DESCRIPTION OF THE ILLUSTRATED EMBODIMENTS

Embodiments of an auction bidding method, wherein winning amounts andwinning quantities are assigned in a single resolution of the bid list,are described in detail herein. In the following description, numerousspecific details are provided, such as the identification of variouscomponents of each of the processes involved in implementing the method,to provide a thorough understanding of embodiments of the invention. Oneskilled in the art will recognize, however, that the invention can bepracticed without one or more of the specific details, or with othermethods, components, materials, etc. In still other instances,well-known structures, materials, or operations are not shown ordescribed in detail to avoid obscuring aspects of various embodiments ofthe invention.

Reference throughout this specification to “one embodiment” or “anembodiment” means that a particular feature, structure, orcharacteristic described in connection with the embodiment is includedin at least one embodiment of the present invention. Thus, theappearance of the phrases “in one embodiment” or “in an embodiment” invarious places throughout this specification are not necessarily allreferring to the same embodiment. Furthermore, the particular features,structures, or characteristics may be combined in any suitable manner inone or more embodiments.

The auction bidding method of the present invention and the illustratedembodiments may comprise a computer-readable medium containing a set ofpreprogrammed instructions, and may be implemented by a conventionalmicroprocessor capable of executing a set of preprogrammed instructionsnecessary to carry out the particular steps of the processes more fullydescribed herein below. The microprocessor may comprise an clement of aserver, the server also including memory, and an input/output sectionfor information storage, and communication of information to and fromthe server, respectively. The submission of bids may, but need notnecessarily, take place via the Internet or other network of computers.The following description of the auction bidding method of the presentinvention assumes that certain initialization data, as detailed morefully hereinbelow, is set by the offeror prior to the start of thebidding process.

Referring now to the drawings, and in particular to FIG. 1, there isillustrated a flow diagram showing the high level sequentialimplementation of an auction bidding process in accordance with thepresent invention and illustrated embodiments generally at 10.

The first step in the bidding process 10 is to validate a bidder's bidagainst an offer 100 (hereinafter referred to as “bid validation”). Bidvalidation 100 is followed by validating the bid against the bidder'sprior bid 200 (hereinafter referred to as “bid timestamping”), addingthe bid to a bid list 300, ordering the bid list 400, and resolving thebid list 500. Bid validation 100 generally comprises a process designedto ensure that the bid satisfies the minimum requirements set by theoffer in terms of minimum bid amount and minimum bid quantity. Theseminimum requirements, along with other initialization data that will beset forth throughout the following description, may be implemented on anauction-wide basis, or may vary with individual offers.

The second step in the bidding process 10 is bid timestamping 200,generally comprising a process of assigning to each bid, a time at whichthe bid resolution step 500 will consider the bid to have been submitted(hereinafter referred to as a “bid timestamp”). A bid timestamp maybecome an issue during the bid resolution process 500 in the event thattwo or more bids have identical bid amounts, or in calculating winningbid amounts. The bid timestamp will comprise either a current systemsetting, or a system setting corresponding to a prior bid submitted bythe same bidder.

The third step in the bidding process 10 is the addition of the newlysubmitted bid to the bid list 300. Addition of the bid to the bid listmay comprise a process of adding the bid to the memory accessible by themicroprocessor implementing the method of the present invention. In anembodiment, the memory may contain each of the bids that have beensubmitted, and their corresponding attributes, including bid amount, andbid quantity, as well as additional information that will be discussedin greater detail below. Following addition of the bid to the bid list300, each (one or more) currently pending bid is ordered 400 to generatean ordered bid list. Following generation of the ordered bid list 400,resolution of the bid list 500 is undertaken wherein an availablequantity of offered goods or services is assigned to each bid (“winningbid quantity”) in the bid list based on the bid's specific attributes,along with a winning bid amount.

Having observed the general sequence of the bidding process 10,attention may now be given to the individual steps that make upembodiments of the general bidding process steps 100, 200, 300, 400 and500 set forth above. Throughout the following discussion, examples mayperiodically be given in order to demonstrate to the reader how thebidding process of the present invention and the illustrated embodimentsis implemented for a specified set of circumstances. These demonstrativeexamples are for purposes of illustration only, and should not beconstrued to limit the scope of the present invention or the illustratedembodiments to the specific examples given.

In order to facilitate a greater understanding of the illustratedembodiments of the present invention, following is a short explanationregarding the bid amount, and the autobid feature setting, both of whichare discussed throughout this detailed description. The bid amount isactually the maximum amount the bidder is willing to pay for an offereditem. The reader will appreciate that not in all instances will thebidder actually pay the maximum amount he or she is willing to pay forthe offered item. The actual amount paid by the bidder for an offereditem is assigned as the “winning bid amount” as part of the bidresolution process 500. The winning bid amount will be within the rangeof the minimum bid amount set by the offer initialization, and the bid'sbid amount, corresponding to the maximum the bidder is willing to payfor an offered item. By activating the autobid feature setting, thebidder's bid will fluctuate, and be automatically increased to an amountnecessary to receive the offered items the bidder is bidding on based onthe current competing bids. If the autobid feature setting is inactive,the bid amount is static, remaining at the submitted bid amountthroughout the bidding process 10.

Turning our attention first to the bid validation process 100, and inparticular to FIG. 2, bid validation 100 begins by comparing 110 the bidamount with the minimum bid amount set by the offer initialization priorto the start of the bidding process 10. The minimum bid amountcorresponds to the least amount the offeror is willing to accept for anoffered item. If the bid amount is greater than or equal to the minimumbid amount, then the bid validation process 100 proceeds to compare 112the bid quantity with the minimum bid quantity also set by the offerinitialization prior to the start of the bidding process 10. The minimumbid quantity, like the minimum bid amount, corresponds to the lowestnumber of offered items an individual must request in order to have avalid bid. If the bid amount comparison 110 finds that the submitted bidamount is less than the minimum bid amount, the bidder is notified thatthe submitted bid is invalid 114, and the bidding process 10 ends,awaiting the next bid submission.

If the bid quantity comparison 112 finds that the bid quantity isgreater than or equal to the minimum bid quantity, then the bidvalidation process 100 proceeds, in an embodiment, to compare 116 thebid amount with the minimum amount that must currently be bid in orderto win at least one offered item. If the bid quantity comparison 112finds that the bid quantity is less than the minimum bid quantity, then,as with the bid amount comparison 110, the bidder is notified that thesubmitted bid is invalid 114, and the bidding process 10 ends, awaitingsubmission of the next bid.

The comparison 116 of the bid amount with the minimum amount that mustcurrently be bid in order to win at least one offered item is designedsuch that a bidder may bid an amount equal to the offered price of anitem (assuming the bid amount complies with the minimum bid amount setby the offer, as discussed above) when not all offered items have yetbeen assigned via the quantity assignment process of a prior resolutionof an ordered bid list, discussed more fully below. Where no additionaloffered items remain at the offered price, the bid amount comparison 116compares the bid amount with the lowest currently winning bid amount, asdetermined by a prior resolution of an ordered bid list. The lowestcurrently winning bid amount refers to the “winning bid amount” assignedin a previous resolution of the ordered bid list, to a bid or bidshaving a “winning bid quantity” of at least one offered item, and havingthe lowest “winning bid amount” of all such bids.

If the comparison 116 finds that the bid amount is greater than or equalto the minimum amount that must currently be bid in order to win atleast one offered item, then the bid validation process 100 proceeds tocheck the status 118 of an exactbid initialization setting. If thecomparison 116 finds that the bid amount is less than the minimum amountthat must currently be bid in order to win at least one offered item,then the bidder is notified that the submitted bid is invalid 114, andthe bidding process 10 ends, awaiting the next bid submission.

At initialization, the exactbid feature (see, e.g., step 118) is eitheractivated or deactivated (or left inactive) by the offeror. Activationof this feature has the effect of requiring that each new bid submissionbe equal to the sum of the minimum bid amount and a non-negative integermultiple (e.g., 0, 1, 2, 3 . . . n) of the bid increment. The bidincrement corresponds to the minimum amount by which successive bidsmust be increased. If the exactbid initialization setting is off, thebid, having passed through the comparison steps 110, 112, and 116, isvalidated and the bidding process 10 (see FIG. 1) proceeds to the bidtimestamping step 200. As indicated above, if the exactbid feature isactivated, the bid validation process 100 proceeds to determine 120 ifthe bid amount is equal to the sum of the minimum bid amount and anon-negative integer multiple of the bid increment. If yes, then the bidis validated and the bidding process 10 proceeds to the bid timestampingstep 200, otherwise the bidder is notified that the submitted bid isinvalid 114, and the bidding process 10 ends, awaiting the next bidsubmission. The reader will appreciate that when at least one offereditem remains available at the minimum bid amount, the bid amount needonly comply with the minimum bid amount requirements of steps 110 and116. Under such circumstances, the comparison at step 120 utilizes the“0” integer multiple of the bid increment such that the sum beingcompared in step 120 equals the minimum bid amount.

When bid validation 100 has been successfully completed, the biddingprocess 10 proceeds to the bid timestamping step 200 which is more fullydescribed below with primary reference to FIG. 3. This process isdesigned to “timestamp” each incoming bid with a designation reflectiveof the time at which the bid was received by the auction bidding process10. In an embodiment, each bid is timestamped with a bid timestampcorresponding to either the submission time of the user's previous bid(“timestamp of the previous bid submitted by the bidder,” or “priorbid's timestamp”), or the time indicative of current system settings(“current timestamp”).

The bid timestamping process 200 begins with the determination 210 ofwhether the bid is a replacement for a bid previously submitted by thesame bidder. If the bid is not a replacement, but an original bid, thebid is timestamped with the current system settings 212 a and thebidding process 10 proceeds to step 300, adding the bid to the bid list.If the bid is determined to be a replacement bid, the bid timestampingprocess 200 next determines 214 whether the bid is redundant (identicalto the previously submitted bid). If the bid is redundant, the bidder isnotified of an invalid bid 114 a, and the bidding process 10 ends,awaiting the submission of the next bid. If the bid is not redundant,the timestamping process 200 proceeds to determine 222 if the bidder'sprior bid is winning. Whether the bidder's prior bid is winning is adetermination of whether the prior bid has been assigned a winning bidquantity of at least one offered item in a previous resolution of theordered bid list. In such a case, it is not advantageous to the offerorto permit the bidder to submit a replacement bid having a bid amount ora bid quantity that is less than the prior bid.

If the prior bid is not winning, the timestamping process 200 proceedsto determine 216 if a timestamp option initialization setting equals“2.” The timestamp option initialization setting is set by the offerorprior to beginning the bidding process 10, and may impact the timestampgiven to each submitted bid. If the timestamp option initializationsetting is set to “2,” the newly submitted bid is timestamped with thetimestamp of the prior bid 220 a, otherwise the newly submitted bid istimestamped with the current system settings 212 b. In either case, thebidding process 10 next proceeds with step 300, adding the bid to thebid list.

Where the prior bid is winning (see step 222), the timestamping process200 compares 224 the bid amount of the newly submitted bid with the bidamount of the prior bid. If the newly submitted bid's bid amount is lessthan the prior bid's bid amount, the bidder is notified of an invalidbid 114 b, and the bidding process 10 ends, awaiting the next bidsubmission. If the newly submitted bid's bid amount is greater than orequal to the prior bid's bid amount, the timestamping process 200compares 226 the newly submitted bid's bid quantity with the bidquantity of the prior bid. If the bid quantity of the newly submittedbid is less than the bid quantity of the prior bid, the bidder isnotified of an invalid bid 114 c, and the bidding process 10 ends,awaiting submission of the next bid. If the bid quantity of the newlysubmitted bid is greater than or equal to the prior bid's bid quantity,then the timestamping process 200 proceeds to determine 218 if thetimestamp option initialization setting equals “3.”

If the timestamp option initialization setting equals “3,” the newlysubmitted bid is timestamped with the current system settings 212 c,otherwise the newly submitted bid is timestamped with the timestamp ofthe prior bid 220 b. In either event, the bidding process 10 nextproceeds to step 300, adding the bid to the bid list.

When bid timestamping 200 has been successfully completed, the biddingprocess proceeds to step 300, adding the bid to the bid list. Asmentioned previously, the addition of the bid to the bid list maycomprise storing the bid in a memory accessible by a microprocessorimplementing an embodiment of the present invention. Following additionof the bid to the bid list 300, step 400 is initiated, and the bid listis ordered from a first bid having a highest bid amount to a last bidhaving a lowest bid amount, and from a first bid having an earliesttimestamp to a last bid having a latest timestamp in the event that twoor more bids in the bid list have identical bid amounts. Followingordering of the bid list at step 400, the ordered bid list is resolved500 to assign a winning quantity to each bid 510 (see FIG. 4), and awinning amount to each bid 512 (see FIG. 4) in the ordered bid list.

With reference now primarily to FIG. 5, the bid resolution process 500begins with the assignment of a quantity of the offered item(s) to eachbid in the ordered bid list 510 (hereinafter “quantity assignmentprocess,” or “process”). The quantity assignment process 510 is designedto assign a winning bid quantity to each bid in the ordered bid list.Although referred to as the “winning bid quantity,” the bid may notactually receive any of the offered items, such as when the “winning bidquantity” is assigned zero. The first bid in the ordered bid list isselected 514, and the quantity assignment process 510 proceeds todetermine 516 whether the “bid drove up bidding” indicator has been setto “TRUE.” The “bid drove up bidding” indicator is set to “TRUE” for abid that: Triggers activation of the autobid feature in any other bid(s)in the ordered bid list; and is assigned a winning bid quantity equal tozero because the bid will not “accept less.” The indicator will be setfor each bid that meets the aforementioned criteria.

The accept-less feature setting is set by the individual bidder uponsubmitting a bid. By activating the accept-less feature setting, thebidder acknowledges that he or she is willing to accept a winning bidquantity that is less than the bid quantity he or she is requesting withthe bid. If the bidder is unwilling to “accept less,” the bid will beassigned a winning bid quantity of “0” in the event that the availablequantity is less than the bid quantity.

If the “bid drove up bidding” indicator has been set to “TRUE” for thebid, the quantity assignment process 510 proceeds to determine 518 if afirst drove up bid (“1^(st) drove up bid”) has already been designated,otherwise the quantity assignment process 510 proceeds with a check 526of the available quantity of offered items remaining. If a “1^(st) droveup bid” has been designated, the process 510 proceeds to step 526 asindicated above. If a “1^(st) drove up bid” has not yet been designated,the quantity assignment process 510 proceeds to designate 520 thecurrent bid as the “1^(st) drove up bid.” Following step 520, theprocess 510 determines 522 a whether a first losing bid (“1^(st) losingbid”) has been designated, and if not, the current bid is alsodesignated 524 a as the “1^(st) losing bid.” If the “1^(st) losing bid”has already been designated, the process 510 proceeds to step 526 asindicated above to check the available quantity of offered itemsremaining. The “1^(st) losing bid” is defined as the first bid in thebid list to be assigned a winning bid quantity that is less than the bidquantity requested. Only one bid is designated as a “1^(st) losing bid,”and only one bid is designated as a “1^(st) drove up bid” during any oneresolution of the ordered bid list (including both quantity assignment510 and amount assignment 512), whereas the “bid drove up bidding”indicator may be set for more than one bid, as mentioned previously.These designations (“1^(st) losing bid” & “1^(st) drove up bid”), aswell as the “bid drove up bidding” indicator, apply to a singleresolution of the ordered bid list, and are reset at the end of theresolution process 500 (see FIG. 1).

If the available quantity of offered items remaining is greater thanzero (see step 526), the quantity assignment process 510 proceeds tocompare 530 the bid quantity with the available quantity of offereditems remaining, otherwise the bid is completely outbid, and the bid isassigned 528 a winning bid quantity of zero. If the bid quantity is lessthan or equal to the available quantity of offered items remaining, thenthe bid wins the requested bid quantity and the bid is assigned 532 awinning bid quantity equal to the bid quantity, otherwise the process510 proceeds to determine 534 whether the bid will “accept less.” If thebid will “accept less,” then the bid is only partially outbid, and thebid is assigned 540 a winning bid quantity equal to the availablequantity of offered items remaining. If the bid will not “accept less,”then the bid loses entirely, and the bid is assigned 536 a winning bidquantity of zero.

In the event that the bid is assigned a winning bid quantity of zero atstep 536 because the bid will not “accept less,” then the quantityassignment process 510 proceeds to determine 537 if the bid drove upbidding. If the bid did drive up bidding, as discussed previously, thenthe “bid drove up bidding” indicator is set to “TRUE” 538.

Following any one of steps 528, 532, 538, or 540, the quantityassignment process 510 proceeds to compare the assigned winning bidquantity with the bid quantity requested. As indicated previously, ifthe bid is assigned a winning bid quantity that is less than the bidquantity requested, then the process 510 proceeds to determine 522 bwhether the “1^(st) losing bid” has been set, and if not, the bid isdesignated as the “1^(st) losing bid” 524 b. Following either step 524b, or 542, the quantity assignment process 510 proceeds to reduce theavailable quantity of offered items remaining by the winning bidquantity assigned to the bid 544.

If the end of the list has not yet been reached (per step 546), theprocess 510 selects the next bid from the bid list 548 and repeats theprocess again beginning at step 516. If the end of the list has beenreached (per step 546), the quantity assignment process 510 is complete,and the resolution of the bid list 500 proceeds with the amountassignment process 512 described in greater detail hereinbelow.

With reference now primarily to FIG. 6, the amount assignment process512 begins by selecting the first bid in the ordered bid list 550, anddetermining 552 whether the bid is a new bid, meaning the most recentlysubmitted bid for which a resolution of the bid list is beingundertaken. The reader will understand that each time a “new” bid issubmitted to the bidding process 10, it is taken through the varioussteps of the process 100, 200, and 300 at which point the newlysubmitted bid is added to the bid list, and the bid list is ordered 400and resolved 500. If the bid is a new bid, the amount assignment process512 proceeds to determine 554 if a “1^(st) drove up bid” has beendesignated. If the bid is not a new bid (see step 552), or if a “1^(st)drove up bid” has not been designated (see step 554), then the amountassignment process 512 proceeds to check 560 the status of the autobidfeature setting for the bid.

Where a “1^(st) drove up bid” has been designated (see step 554), theprocess 512 proceeds to check 568 a the status of a timestamp advantagefeature setting. The timestamp advantage feature is set by the offerinitialization, and refers to a bidding advantage given to earliertimestamps. When the timestamp advantage feature is activated, a firstbid having an earlier timestamp than a second bid, need only increasethe amount of its bid via the autobid feature to an amount equal to thesecond bid, as opposed to an amount equal to the sum of the second bidand the bid increment when the timestamp advantage is inactive.

If the check 568 a of the status of the timestamp advantage featuresetting determines that the timestamp advantage feature is activated,the process 512 proceeds to compare 570 a the bid's timestamp with thetimestamp of the bid designated as the “1^(st) drove up bid.” If thebid's timestamp is less than (referring to older, e.g., on a scale oftime beginning at t=1, and proceeding with t=2, t=3, etc.) the timestampof the bid designated as the “1^(st) drove up bid,” then the amountassignment process 512 proceeds to compare 556 the “1^(st) drove up bid”bid amount with the bid's bid amount. If the “1^(st) drove up bid” bidamount is greater than the bid's bid amount, the bid is rejected 558,the bidder is notified that the bid has been rejected 559, and thebidding process 10 ends, awaiting submission of the next bid, otherwisethe amount assignment process 512 proceeds to check 560 the status ofthe autobid feature setting for the bid.

If the timestamp advantage feature is inactive (see step 568 a), or ifthe bid's timestamp is greater than (submitted later) the timestamp ofthe bid designated as the “1^(st) drove up bid” (“first drove up bid'stimestamp”) (see step 570 a), then the amount assignment process 512proceeds to compare 557 the sum of the “1^(st) drove up bid” bid amountand the bid increment with the bid's bid amount. If the sum of the“1^(st) drove up bid” bid amount and the bid increment is greater thanthe bid's bid amount, then the bid is rejected 558, the bidder isnotified that the bid has been rejected 559, and the bidding process 10ends, awaiting submission of the next bid. If the sum of the “1^(st)drove up bid” bid amount and the bid increment is less than or equal tothe bid's bid amount, the amount assignment process proceeds to check560 the status of the autobid feature setting for the bid.

At this point, the bid has either been rejected (see step 558), or hasbeen maintained, and the process 512 has progressed to step 560 todetermine whether the autobid feature has been activated for the bid. Ifthe autobid feature is inactive, then the bid is assigned 562 a winningbid amount equal to the bid's bid amount. If the autobid feature isactivated, then the amount assignment process 512 proceeds to step 564to determine whether a bid has been designated as a “1^(st) losing bid”by the quantity assignment process 510. It should be noted that awinning bid amount will be assigned in the amount assignment process 512to each bid in the ordered bid list, including those that were assigneda winning bid quantity equal to zero in the quantity assignment process510.

Where no bid has been designated as a “1^(st) losing bid,” a sufficientquantity of offered items is still available to satisfy the bidquantities of all currently pending bids, and the bid is assigned 566 awinning bid amount equal to the minimum bid amount set by the offerinitialization. Where a bid has been designated as a “1^(st) losingbid,” the amount assignment process 512 proceeds to check 568 b thestatus of the timestamp advantage feature setting as discussedpreviously.

If the timestamp advantage feature is activated, the amount assignmentprocess 512 proceeds to compare 570 b the bid's timestamp with thetimestamp of the bid designated as the “1^(st) losing bid.” If the bid'stimestamp is less than (submitted earlier) the timestamp of the biddesignated as the “1_(st) losing bid,” then the process 512 proceeds toassign 572 to the bid a winning bid amount equal to the lesser of eitherthe bid's bid amount, or the bid amount of the bid designated as the“1^(st) losing bid.” If the timestamp advantage feature (see step 568 b)is inactive, or the bid's timestamp is greater than (submitted later)the timestamp of the bid designated as the “1^(st) losing bid,” then theamount assignment process 512 proceeds to assign 574 a winning bidamount to the bid equal to the lesser of either the bid's bid amount, orthe sum of the bid amount of the bid designated as the “1^(st) losingbid” and the bid increment.

Following assignment of a winning bid amount to the bid at step 562,566, 572, or 574, the amount assignment process 512 proceeds todetermine 576 if additional bids remain in the bid list, and if so, toselect 578 the next bid from the bid list and repeat the precedingprocess 512 beginning at step 552. If the end of the bid list has beenreached (see step 576), then the amount assignment process 512 ends,ending the process of resolving the bid list 500, and ending the biddingprocess 10.

The bidding process described above assumes that each bidder will haveonly a single bid in the ordered bid list for resolution. Where multiplebids per bidder are desired, the reader will appreciate that the processwill be identical, and each bid, because it is not replacing anotherprior bid, will be timestamped with the current system setting.

Other typical auction bidding methods are also compatible with theprocess described above. For example, a reverse bidding process may alsobe performed by reversing the comparison of amounts throughout thebidding process 10. A reverse auction may be an auction in which theofferor requests some product or service, and the winners are designatedas those bidder's willing to sell the product or service for the lowestamount. In such a scenario, the ordered bid list is generated byordering the bids from a first bid having a lowest bid amount to a lastbid having a highest bid amount, with timestamps being considered in thesame manner as they are in a standard forward auction bidding process.

While the invention is described and illustrated here in the context ofa limited number of embodiments, the invention may be embodied in manyforms without departing from the spirit of the essential characteristicsof the invention. The illustrated and described embodiments, includingwhat is described in the abstract of the disclosure, are therefore to beconsidered in all respects as illustrative and not restrictive. Thescope of the invention is indicated by the appended claims rather thanby the foregoing description, and all changes which come within themeaning and range of equivalency of the claims are intended to beembraced therein.

1. A computer-implemented method for processing auction bids,comprising: electronically storing data corresponding to each of aplurality of currently pending bids for an auction; generating, via acomputer system, an ordered bid list by ordering the plurality ofcurrently pending bids by at least one criteria, the at least onecriteria comprising one or more of: a maximum amount to which acurrently pending bid using an optional automatic bidding feature may beincreased via the optional automatic bidding feature, and a staticamount for a currently pending bid not using the optional automaticbidding feature; and performing a bid resolution process on the computersystem, the bid resolution process comprising assigning a winning bidquantity and a winning bid amount to each bid in the ordered bid listbased on the at least one criteria.
 2. A computer-implemented method asdefined in claim 1 wherein each of the plurality of currently pendingbid bids comprises a bid amount based on the at least one criteria, anda bid timestamp; and wherein the ordered bid list comprises eachcurrently pending bid ordered from a first currently pending bid havinga highest bid amount to a last currently pending bid having a lowest bidamount.
 3. A computer-implemented method as defined in claim 2 whereinthe ordered bid list further comprises two or more currently pendingbids with an identical bid amount, and wherein the two or more currentlypending bids with an identical bid amount are ordered from a first bidwith an identical bid amount having an earliest timestamp to a last bidwith an identical bid amount having a latest timestamp.
 4. Acomputer-implemented method for processing auction bids, comprising:electronically storing data corresponding to a submitted bid; validatingthe bid; electronically timestamping the bid; adding the bid to a bidlist; generating an ordered bid list by ordering each bid in the bidlist based on at least one criteria, the at least one criteriacomprising one or more of: if the bid uses an optional automatic biddingfeature, a maximum amount to which the bid may be increased via theoptional automatic bidding feature, and if the bid does not use theoptional automatic bidding feature, a static amount for the bid; andresolving the ordered bid list, wherein resolving the ordered bid listcomprises assigning a winning bid quantity and a winning bid amount toeach bid in the ordered bid list based on the at least one criteria. 5.A computer-implemented method as defined in claim 4, wherein validatingthe submitted bid comprises: receiving a bid, wherein the bid comprisesa bid amount and a bid quantity; ascertaining whether the bid amount andthe bid quantity conform to a plurality of conditions set by an offerinitialization, comprising a minimum bid amount, and a minimum bidquantity; and if at least one of the bid amount and the bid quantitydoes not conform to one or more of the plurality of conditions,rejecting the bid and generating a notice that the bid is invalid.
 6. Acomputer-implemented method as defined in claim 4, whereinelectronically timestamping the bid comprises: ascertaining whether thebid is a replacement bid for a previous bid; if the bid is not areplacement bid, timestamping the bid with a current computer-generatedtimestamp; and if the bid is a replacement bid, identifying one or moretimestamping conditions set by an offer initialization, andelectronically timestamping the bid with the current timestamp or atimestamp of the previous bid in response to the timestampingconditions.
 7. A computer-implemented method as defined in claim 4,wherein generating an ordered bid list comprises: ordering each bid inthe bid list from a first bid having a highest bid amount to a last bidhaving a lowest bid amount; and if two or more bids in the bid list havean identical bid amount, ordering the two or more bids from a firstidentical bid having an earliest timestamp to a last identical bidhaving a latest timestamp.
 8. A computer-implemented method as definedin claim 4, wherein assigning a winning bid quantity to each bid in theordered bid list comprises: (a) selecting a bid from the ordered bidlist, wherein the bid comprises a bid quantity; (b) comparing the bidquantity with an available quantity; (c) if the bid quantity is greaterthan the available quantity, determining whether the bid will acceptless than the bid quantity; (d) assigning a winning bid quantity to thebid; (e) if the winning bid quantity is less than the bid quantity,determining whether the bid is a first losing bid, and if the bid is thefirst losing bid, designating the bid as the first losing bid; (f)reducing the available quantity by the winning bid quantity; and ifadditional bids remain in the ordered bid list, selecting the next bidfrom the ordered bid list and repeating steps (a)-(f).
 9. Acomputer-implemented method as defined in claim 4, wherein assigning awinning bid amount to each bid in the ordered bid list comprises: (a)selecting a bid from the ordered bid list, wherein the bid comprises abid timestamp; (b) identifying an automatic bidding feature condition ofthe bid; (c) if the automatic bidding feature condition is active,identifying whether a first losing bid has been designated; (d) if thefirst losing bid has been designated, identifying a timestamp advantagefeature condition set by an offer initialization; (e) if the timestampadvantage feature is active, comparing the bid timestamp with a bidtimestamp of the first losing bid; (f) assigning a winning bid amount tothe bid; and if additional bids remain in the ordered bid list,selecting the next bid from the ordered bid list and repeating steps(a)-(f).
 10. A computer-readable medium containing a set of instructionsto perform operations when executed, comprising: generating an orderedbid list by ordering a plurality of currently pending bids comprisingbids using an optional automatic bidding feature and bids not using theoptional automatic bidding feature; and assigning, in a singleresolution of the ordered bid list, a winning bid quantity and a winningbid amount to each bid in the ordered bid list based on: maximum amountsto which the bids using the optional automatic bidding feature may beincreased, and static amounts for the bids not using the optionalautomatic bidding feature.
 11. A computer-readable medium as defined inclaim 10, wherein generating the ordered bid list comprises: identifyinga bid amount for each currently pending bid based on the at least onecriteria; and ordering each currently pending bid from a first bidhaving a highest bid amount to a last bid having a lowest bid amount,and if two or more bids have an identical bid amount, ordering the twoor more bids from a first identical bid having an earliest timestamp toa last identical bid having a latest timestamp.
 12. A computer-readablemedium containing a set of instructions to perform operations whenexecuted, comprising: validating a submitted bid; timestamping the bid;adding the bid to a bid list; generating an ordered bid list by orderingeach bid in the bid list based on at least one criteria, the at leastone criteria comprising one or more of: if the bid uses an optionalautomatic bidding feature, a maximum amount to which the bid may beincreased via the optional automatic bidding feature, and if the biddoes not use the optional automatic bidding feature, a static amount forthe bid; and resolving the ordered bid list, wherein resolving theordered bid list comprises assigning a winning bid quantity and awinning bid amount to each bid in the ordered bid list based on the atleast one criteria.
 13. A computer-readable medium as defined in claim12, wherein validating the submitted bid comprises: receiving a bid,wherein the bid comprises a bid amount and a bid quantity; ascertainingwhether the bid amount and the bid quantity conform to a plurality ofconditions set by an offer initialization, comprising a minimum bidamount, and a minimum bid quantity; and if at least one of the bidamount and bid quantity does not conform to one or more of the pluralityof conditions, rejecting the bid and generating a notice that the bid isinvalid.
 14. A computer-readable medium as defined in claim 12, whereintimestamping the bid comprises: ascertaining whether the bid is areplacement bid for a previous bid; if the bid is not a replacement bid,timestamping the bid with a current timestamp; and if the bid is areplacement bid, identifying one or more timestamping conditions set byan offer initialization, and timestamping the bid with the currenttimestamp or a timestamp of the previous bid in response to thetimestamping conditions.
 15. A computer-readable medium as defined inclaim 12, wherein generating an ordered bid list comprises: orderingeach bid in the bid list from a first bid having a highest bid amount toa last bid having a lowest bid amount; and if two or more bids in thebid list have an identical bid amount, ordering the two or more bidsfrom a first identical bid having an earliest timestamp to a lastidentical bid having a latest timestamp.
 16. A computer-readable mediumas defined in claim 12, wherein assigning a winning bid quantity to eachbid in the ordered bid list comprises: (a) selecting a bid from theordered bid list, wherein the bid comprises a bid quantity; (b)comparing the bid quantity with an available quantity; (c) if the bidquantity is greater than the available quantity, determining whether thebid will accept less than the bid quantity; (d) assigning a winning bidquantity to the bid; (e) if the winning bid quantity is less than thebid quantity, determining whether the bid is a first losing bid, and ifthe bid is the first losing bid, designating the bid as the first losingbid; (f) reducing the available quantity by the winning bid quantity;and if additional bids remain in the ordered bid list, selecting thenext bid from the ordered bid list and repeating steps (a)-(f).
 17. Acomputer-readable medium as defined in claim 12, wherein assigning awinning amount to each bid in the ordered bid list comprises: (a)selecting a bid from the ordered bid list, wherein the bid comprises abid timestamp; (b) identifying an automatic bidding feature condition ofthe bid; (c) if the automatic bidding feature condition is active,identifying whether a first losing bid has been designated; (d) if thefirst losing bid has been designated, identifying a timestamp advantagefeature condition set by an offer initialization; (e) if the timestampadvantage feature is active, comparing the bid timestamp with a bidtimestamp of the first losing bid; (f) assigning a winning bid amount tothe bid; and if additional bids remain in the ordered bid list,selecting the next bid from the ordered bid list and repeating steps(a)-(f).
 18. A server, comprising a microprocessor, a memory, and aninput/output section, wherein the microprocessor implements a set ofpreprogrammed instructions to: receive a bid via the input/outputsection, wherein the bid comprises a bid quantity, a bid amount, and anoptional automatic bidding feature condition; validate the bid;timestamp the bid; add the bid to a bid list stored in the memory;generate an ordered bid list; resolve the bid list, wherein resolvingthe bid list comprises determining whether the optional automaticbidding feature condition was selected for each bid in the ordered bidlist and assigning, in a single resolution of the bid list, a winningbid quantity and a winning bid amount to each bid in the ordered bidlist based on the bid amount, an available quantity of offered items andthe optional automatic bidding feature condition; and communicate thewinning bid quantity and the winning bid amount being via theinput/output section.
 19. A server as defined in claim 18, whereinvalidating the bid comprises: ascertaining whether the bid amount andthe bid quantity conform to a plurality of conditions set by an offerinitialization, comprising a minimum bid amount, and a minimum bidquantity; and if the bid amount or the bid quantity does not conform toone or more of the plurality of conditions, rejecting the bid andgenerating a notice that the bid is invalid.
 20. A server as defined inclaim 18, wherein timestamping the bid comprises: ascertaining whetherthe bid is a replacement bid for a previous bid; if the bid is not areplacement bid, timestamping the bid with a current timestamp; and ifthe bid is a replacement bid, identifying one or more timestampingconditions set by an offer initialization, and timestamping the bid withthe current timestamp or a timestamp of the previous bid in response tothe timestamping conditions.
 21. A server as defined in claim 18,wherein generating an ordered bid list comprises: ordering each bid inthe bid list from a first bid having a highest bid amount to a last bidhaving a lowest bid amount; and if two or more bids in the bid list havean identical bid amount, ordering the two or more bids from a firstidentical bid having an earliest timestamp to a last identical bidhaving a latest timestamp.
 22. A server as defined in claim 18, whereinassigning a winning bid quantity to each bid in the ordered bid listcomprises: (a) selecting a bid from the ordered bid list, wherein thebid comprises a bid quantity; (b) comparing the bid quantity with anavailable quantity; (c) if the bid quantity is greater than theavailable quantity, determining whether the bid will accept less thanthe bid quantity; (d) assigning a winning bid quantity to the bid; (e)if the winning bid quantity is less than the bid quantity, determiningwhether the bid is a first losing bid, and if the bid is the firstlosing bid, designating the bid as the first losing bid; (f) reducingthe available quantity by the winning bid quantity; and if additionalbids remain in the ordered bid list, selecting the next bid from theordered bid list and repeating steps (a)-(f).
 23. A server as defined inclaim 18, wherein assigning a winning bid amount to each bid in theordered bid list comprises: (a) selecting a bid from the ordered bidlist, wherein the bid comprises a bid timestamp; (b) identifying theautomatic bidding feature condition of bid; (c) if the automatic biddingfeature condition is active, identifying whether a first losing bid hasbeen designated; (d) if the first losing bid has been designated,identifying a timestamp advantage feature condition set by an offerinitialization; (e) if the timestamp advantage feature is active,comparing the bid timestamp with a bid timestamp of the first losingbid; (f) assigning a winning bid amount to the bid; and if additionalbids remain in the ordered bid list, selecting the next bid from theordered bid list and repeating steps (a)-(f).
 24. A computer-implementedmethod for processing auction bids, comprising: generating an orderedbid list by ordering a plurality of currently pending bids by at leastone criteria, the at least one criteria comprising one or more of: foreach currently pending bid using an optional automatic bidding feature,a maximum amount to which the bid may be increased via the optionalautomatic bidding feature, and for each currently pending bid not usingthe optional automatic bidding feature, a static amount for the bid; andassigning, in a single resolution of the ordered bid list: a winning bidquantity to each bid in the ordered bid list based on the at least onecriteria, and an automatic bidding feature setting, wherein if the bidwill not accept less than a bid quantity, the winning bid quantity isassigned equal to zero, and a determination is made whether the biddrove up bidding, and a winning bid amount to each bid in the orderedbid list based on at least the automatic bidding feature setting.
 25. Acomputer-readable medium containing a set of instructions to performoperations when executed, comprising: generating an ordered bid list byordering a plurality of currently pending bids by at least one criteria,the at least one criteria comprising one or more of: for each currentlypending bid using an optional automatic bidding feature, a maximumamount to which the bid may be increased via the optional automaticbidding feature, and for each currently pending bid not using theoptional automatic bidding feature, a static amount for the bid; andassigning, in a single resolution of the ordered bid list: a winning bidquantity to each bid in the ordered bid list based on at the least onecriteria, and an automatic bidding feature setting, wherein if the bidwill not accept less than a bid quantity, the winning bid quantity isassigned equal to zero, and a determination is made whether the biddrove up bidding, and a winning bid amount to each bid in the orderedbid list based on at least the automatic bidding feature setting.
 26. Acomputer-implemented method as defined in claim 1 wherein the bidresolution process comprises a single resolution of the ordered bidlist.
 27. A computer-implemented method as defined in claim 4, whereinresolving the ordered bid list comprises assigning the winning bidquantity and the winning bid amount in a single resolution of the bidlist.
 28. A computer-implemented method as defined in claim 4, whereinvalidating the submitted bid comprises: receiving a bid, wherein the bidcomprises a bid amount; and ascertaining whether the bid amount is equalto the sum of a minimum bid amount and a non-negative integer multipleof a bid increment.
 29. A computer-readable medium as defined in claim12, wherein resolving the ordered bid list comprises assigning thewinning bid quantity and the winning bid amount in a single resolutionof the bid list.
 30. A computer-readable medium as defined in claim 12,wherein validating the submitted bid comprises: receiving a bid, whereinthe bid comprises a bid amount; and ascertaining whether the bid amountis equal to the sum of a minimum bid amount and a non-negative integermultiple of a bid increment.